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Hello, a pragmatic approach would be to post the full amount at once and apply a payment schedule 1/12 * 12 months. You can pay the installments monthly.
To the expense itself you may apply an accrual scheme to allocate it to the future 12 months. With this solution you loose the invoice numbers, however.
I have something similar in my accounting: recurring leasing charges for the e-car traction battery from Renault. And to be honest, I do not care about the invoice numbers in my system as long as I have carbon copies in my file and/or PDFs.
sharing briefly steps
• From PO, prepayment invoicing (use when your vendor issues an invoice)
â—‹ Capture prepayment details on the PO on the purchase tab in ribbon
â—‹ Raise a Prepayment invoice
§ Liability is in prepayment account and not in AP summary account in GL
§ Vendor balance reflects the prepayment and also seen in vendor transactions
â—‹ Create a REGULAR vendor payment journal settling the prepayment invoice
â—‹ Raise final invoice after receiving from vendor and USING actions: apply prepayment in the invoice posting time
Show the final vendor invoice due amount is reduced by the prepayment amount.
Hi MATTGUO,
I can invoice the prepays up to the PO's amount; however, the Invoice button is still active. To let the system knows that I fully invoiced the PO, I apply the prepayment. After applied the prepayment, I tried to post the invoice but it failed. If I don't post it, the Invoice button continue to be active. How did you solve this problem? Thanks
Hi
Let me describe what i understand about your business scenario: purchase and receive 3 quantity, amount is 12000, but the amount is split into 12 month to invoice and pay, right?
What i said is prepay for the purchase order.
Fill in 11000 amount prepayment in PO and split the amount into 11 times to post prepayment invoice, and later pay the invoice, apply prepayment invoice when the 12th invoice.
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